| Generally Accepted Accounting Principles (PSM) |
For most U.S. public sector entities, Generally Accepted Accounting Principles are the accounting and reporting requirements determined by the Governmental Accounting Standards Board (GASB) and formalized through other organizations such as the Government Finance Officers Association (GFOA) and the American Institute of Certified Public Accountants. Some organizations are also required to comply with the accounting and reporting requirements determined by the Financial Accounting Standards Board (FASB).